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THE Whatsapp He acknowledged being in conversation with the Central Bank to become a “payment initiator.” In other words, it would mean that the messaging app could start sending and receiving money.
”WhatsApp regularly talks with the Central Bank to obtain approval as the initiator of payments for transfers between people. It has also been working to restore payments on WhatsApp for everyone in Brazil as soon as possible, ”the company said in a statement to the G1 last Monday (15).
The “payment initiator” model is still new and was announced by the Central Bank in October 2020. The possibility of sending and receiving money through WhatsApp was an alternative for the company since June 2020. Brazil would be one of the first countries to receive the new functionality.
On the other hand, WhatsApp encountered some resistance when starting the launch of sending and receiving money. This is because, days after the announcement, the Central Bank and the Administrative Council for Economic Defense (Cade) restricted this usefulness of the messaging application.
Among the allegations of such position was the need to analyze competitive risks and certify that the Brazilian Payment System (SPB) would function properly.
“The BC is following the initiative of WhatsApp and evaluates that there is great potential for its integration with Pix. However, the BC considers premature any initiative that could generate market fragmentation and concentration on specific agents, ”the federal agency said at the time, in a note.
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In the Pix and Open Banking wave, the payment initiator would be another feature of the financial market. In practice, this new system works as an intermediary between banks and consumers.
A company that offers the “payment initiator” service could indicate to the financial institution to which the customer has an account that “consumer x” wants to make a certain payment for “store owner”. This practice could eliminate intermediaries such as the credit card.
The customer would not need to go into their bank and make a transfer, for example, since the “initiator of the payment” would assume this role.
In 2020, the Central Bank even said that the measure would expand the scope of open banking. Another piece of information is that the bank claimed that companies that provide services only in this modality could have a faster authorization process.
The BC also mentioned that any company that is authorized to provide the payment initiator service, can also order transactions through Pix, an instant payment system that authorizes the transfer of funds 24/7.
